The 2024 holiday season is upon us, and retailers and brands must be prepared to capitalize on emerging trends to drive sales and enter the new year with confidence. In this post, we delve into industry trends, and predictions for 2025 retail innovation.
Early Bird Gets the Worm: A Trend Towards Early Holiday Shopping
Consumers are increasingly starting their holiday shopping earlier than ever before. A recent Bankrate survey found that nearly half of holiday shoppers (48%) plan to begin shopping before Halloween.
To capitalize on this trend, retailers are:
- Launching early promotions and deals to attract early shoppers with enticing offers and discounts.
- Creating a sense of urgency with the use of limited-time offers and countdown timers to encourage immediate purchases.
Personalization: A Boost for Sales
Personalization has become a cornerstone of successful retail strategies. A robust 76% of consumers are more likely to purchase from brands that personalize their offerings and retail experiences.
Retailers are focusing their personalization efforts to:
- Tailor recommendations to browsing behavior, purchase history, and shopper personas.
- Offer personalized promotions and extend targeted promotions and discounts to specific customer segment.
Shopper Loyalty: Building Lasting Relationships
Loyalty is the key to retain customers and drive repeat business. It’s common business knowledge that it’s cheaper to retain a current customer than it is to attract a new one. Acquiring new customers costs five to 10 times more than selling to a current customer, and current customers spend 67 percent more on average than those new to your business, according to BIA Advisory.
Retailers can foster customer loyalty:
- Provide increasing benefits and rewards as customers reach higher tiers within loyalty programs.
- Personalize and tailor rewards to individual customer preferences.
Adoption of AI : Enhancing Shopping Experiences
Of course, the team at Mobile Insight already knows the power of AI in retail. And it seems everyone is quickly getting on board. 72% of consumers now expect their online shopping experiences to evolve with the adoption of gen AI, according to survey results in a 2024 report. Major retailers like Amazon and Walmart have rolled out AI shopping assistants online. And we’re harnessing the power of AI to truly revolutionize brick-and-mortar retail with human-like AI brand ambassadors to increase shopper engagement.
The speed to AI adoption underscores the importance of embracing AI to personalize the shopping experience, increase sales, and enhance customer experience – all crucial elements for success in the 2024 holiday season and beyond. Learn more about how we’re utilizing AI to drive retail success with VIBA.